wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Soloman purchases a machine for Rs. 1,00,000 . Its estimated useful life is 5 years and scrap Values Rs. 10,000. It is decided to write off depreciation under the straight-line method. The correct journal entry to record the same is ___


A

Debit depreciation account Rs 18,000

No worries! We‘ve got your back. Try BYJU‘S free classes today!
B

Credit machinery account Rs 18,000

No worries! We‘ve got your back. Try BYJU‘S free classes today!
C

Both A & B

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D

None of these

No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is C

Both A & B


Depreciation A/c Dr 18000
To Machinery A/c 18000

flag
Suggest Corrections
thumbs-up
2
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Recording Depreciation
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon